TaxTMI 
TaxTMI 
Minutes of the 101st meeting of the Board of Approval for SEZ held on 27th November, 2020 to consider setting up of Special Economic Zones and other miscellaneous proposals
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....validity of LoA for a period of one year, i.e. up to 26.10.2021. 101.2 (ii) Request of M/s Indo UK Healthcare Pvt. Ltd. Sector 19, MIHAN SEZ, Nagpur a unit in MIHAN SEZ for extension of LoA beyond 09.03.2020 upto 09.03.2021. The Board, after deliberations, approved extension of validity of LoA for a period of one year, i.e. up to 09.03.2021. 101.2(iii) Request of M/s. Arya Fin-Trade (IFSC) Pvt. Ltd., for 3rd extension of Letter of Approval in Multi Services SEZ at Ratanpur, District Gandhinagar, Gujarat, developed by M/s. GIFT SEZ Ltd. The Board, after deliberations, approved extension of validity of LoA for a period of one year, i.e. up to 07.03.2021. 101.2(iv) Request of M/s Wockhardt Ltd., a unit at Shendre, Aurangabad, Maharashtra for extension of validity period of LoA for oral solid dosage for human usage for a period of one year upto 24.10.2021. The Board, after deliberations, approved extension of validity of LoA for a period of one year, i.e. up to 24.10.2021. 101.3 Proposal for change of shareholding pattern/ name/change of control/merger (seven proposals) 101.3(i) Request of M/s. Sai Wardha Power Limited a sector specific SEZ for power at Warora Growth Centre, Wa....
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....Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT, Department of Revenue and to the jurisdictional Authority. v. The Assessing Officer shall have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. vi. The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. vii. The developer shall furnish details of PAN and jurisdictional assessing officer of the developer to CBDT. 101.3(iii) Request of M/s. Festus Properties Pvt. Ltd. (Developer) a sector specific SEZ for IT/ITES at Powai, Mumbai, Maharashtra for approval of change in shareholding pattern of the company. The Board, after deliberations, approved the proposal for change in shareholding pattern subject to approval by relevant statutory bodies with the following conditions:- i. Seamless continuity of the SEZ activities with unaltered responsibi....
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...., demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT, Department of Revenue and to the jurisdictional Authority. v. The Assessing Officer shall have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. vi. The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. vii. The co-developer shall furnish details of PAN and jurisdictional assessing officer of the codeveloper to CBDT. 101.3 (v) Proposal of M/s. ANSR Global Corporation Pvt. Limited, Co-Developer for merger of their other 2 Co-Developers with their company. The Board, after deliberations, approved the proposal for merger subject to the following conditions:- i. Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered developer entity; ii. Fulfilment of all eligibility criteria applicable to co-developer, including security clearances etc. by the al....
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....ding those relating to lease of land, as applicable. vii. The developer shall furnish details of PAN and jurisdictional assessing officer of the developer to CBDT. 101.3(vii) Request of M/s. Candor Gurgaon One Realty Projects Pvt. Ltd., developer of IT/ITES SEZ at Village Tikri, Sector-48, Gurugram (Haryana) for change in shareholding pattern of the company. The Board, after deliberations, approved the proposal for change in shareholding pattern subject to approval by relevant statutory bodies with the following conditions:- i. Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered developer entity; ii. Fulfilment of all eligibility criteria applicable to developer, including security clearances etc. by the altered developer entity and its constituents; iii. Applicability of and compliance with all relevant rules of Revenue/Company Affairs/SEBI etc., which regulate issues like capital gains, equity change, transfer, taxability etc. iv. Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT, Department of Revenue....
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....ecided to ratify the approval granted by the Development Commissioner under DoC's Instruction dated 18.05.2020 for procurement of restricted item viz. sand, soil etc. subject to the condition that it should be ensured that the allowed items are actually used in the SEZs and all the environmental and other relevant regulations are complied with. (c) Procurement of Sand/Soil by Kandla SEZ units and ratification of approval granted under Delegation of Powers granted to Development Commissioner. The proposal of DC, KASEZ for ratification of approval granted by the DC office for procurement of following items was placed before the BOA: Sr. No. Name of the Unit Materials permitted Quantity Permitted Date of approval 1. Milak warehouse Sand (For construction) 350 MT 03.07.2020 2. NavinSaxena Research & Tech Pvt Ltd., Sand (for construction) 5 trucks/ 100 MT 03.07.2020 3. OswalAgrimpex Sand Kakri 5 dumpers 2 dumpers 03.07.2020 4. Dynamic Duty Free Houses Sand 80 MT 03.07.2020 5. Gokul Overseas Sand 28 MT 03.07.2020 6. Om Aromatic Solvents Sand, Soil, Cement 3 trucks 03.07.2020 7. Ponpure Chemical India Pvt Ltd., Sand, Soil and Black Stone 100 t....
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.... Bricks Blocks Crush metal 15 trucks 15000 pieces 15000 pieces 100 trucks 11.08.2020 36. Maruti Exports Sand Bricks Blocks Crush metal 5 trucks 15000 pieces 15000 pieces 100 trucks 11.08.2020 37. Everest Kanto Cylinder Ltd., Sand Kapchi 500 MT 500 MT 13.08.2020 38. United Drilling Tools Ltd., Sand/Dust Cement/Malba 75 MT 300 MT 17.08.2020 39. International Warehousing & Trading, Sand 100 MT 17.08.2020 40. Mission Pharma Logistics India Pvt. Ltd. Sand 100 MT 21.08.2020 41. Bajaj warehousing services, Sand 25 MT 21.08.2020 42. Schmetz India Pvt Ltd., Sand 22 MT 21.08.2020 43. Harish Processors Pvt Ltd., Sand 10 trucks (400 CFT/ truck) 25.08.2020 44. New Plastomers India Ltd., Sand 8-10 bags of 25 kgs each 27.08.2020 45. Nakoda Sales Corporation, Sand 3 tractor 01.09.2020 46. Texool Spinners Sand 10 dumpers 01.09.2020 47. Unilever India Exports Ltd., Sand 600 MT 03.09.2020 48. Gokul Overseas, Sand 400 MT 03.09.2020 49. Vijay Tanks & Vessels (P) Ltd., Sand 500 CET 03.09.2020 50. Prasar Enterprises, Sand 2 tractor 07.09.2020 51. Commodities Trading, Sand 150 MT 09.09.2020 52. AumSolvchem, Sand ....
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....k fencing. The Board, after deliberations, decided to defer the proposal and directed DC, VSEZ to get the following details: (i) Sanctity of maintenance of bonded area through chain fencing. (ii) Since rationale given was plan to go for de-notification again, the likely timeline to seek such de-notification. 101.5(iii) Proposal of Adani International Container Terminal Private Limited (AICTPL) for the surrender of co-developer status and merger of the entity with the existing unit. The Board, after deliberations, decided to defer the proposal and directed DC, APSEZ to re-examine the proposal in respect of the Direct and Indirect Tax entitlements of the merged entity as well as the NFE implications of the proposed merger. 101.5(iv) Request of M/s ACE SEZ Developers Pvt. Ltd., co-developer for M/s Phoenix Tech Zone Pvt. Ltd. IT/ITES SEZ at Sy. No. 115/35, Nanakramguda Village, Serilingampally Mandal, Ranga Reddy District, Telangana for approval for reduction in space of their co-developer. The Board, after deliberations, decided to approve the proposal for reduction in space from 1,39,385 sq. ft. in 14th to 16th Floor, Tower B to 47,010 sq. ft in 16th Floor, Tower B in M/s P....
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....nt and machinery (₹ 2 lacs). ii) An export of ₹ 1 lac has been done by the unit during the entire period which too was rejected on quality parameters and that they have been working towards improving their quality and designs. The Board after hearing the submissions found that * The meagre investment especially in plant and machinery clearly shows a lack of business plan. * The submissions of the unit failed to substantiate its claim of working to get export orders and action plan for compliance of NFE obligation. * No employees are on the unit's rolls. * Further, JDC, NSEZ informed the Board that the SEZ developer i.e. RIICO had also recommended cancellation of LoA of the unit. * The Board, after deliberations, decided to reject the appeal. 101.6(iii) Appeal of M/s. N.K.M. Jewels against the decision of the UAC, Noida Special Economic Zone meeting held on 14.09.2020 declining renewal of LoA and the Exit from SEZ Scheme. The Board heard the appellant and took note of the submissions made by the unit. The Board observed as follows: * A meagre investment of around ₹ 16 lacs has been made by the appellant which mainly comprise of the building (i....
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....of their claim of substantial investment made, past export performance as well as availability of export orders and re-consideration of their proposal for renewal. 101.6(vi) Appeal filed by M/s Ionique Research Ltd., unit located at Noida SEZ, Gautam Budh Nagar, Uttar Pradesh against decision of the UAC conveyed vide letter dated 19.10.2020 thereby directing cancellation of LoA and completion of exit formalities. The Board heard the appellant. The appellant informed the Board that a significant investment has been made by the unit including land and machinery amounting to approx. ₹ 100 crore. The unit has undertaken a major change in their business plan in December, 2018 after RBI had found their earlier business plan as not permissible. Further, they have also undertaken to pay the outstanding lease rental dues in a time bound manner. The Board, after deliberations, decided to remand the case back to UAC for re-consideration after examining the credibility of the new business plan of the unit. Decision on Supplementary Agenda 101.7 Request for extension of LoA beyond 3rd year onwards (one proposal) 101.7(i) Request of M/s Rusan Pharma Ltd. in Indore SEZ for extension o....